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GTE CD Cancellation with no EWP
Old 02-28-2023, 10:48 AM   #361
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GTE CD Cancellation with no EWP

Quote:
Originally Posted by RetiredAndLovingIt View Post
For anyone interested, here is my add-on GTE CD disclosure. I'm glad they did not invoke the 60 day written notice. I'm also including another link to a different post on the EWP.

Early Withdrawal
Withdrawals before the maturity date are subject to an early withdrawal penalty. The
credit union may require up to 60 days written notice prior to any intended withdrawal
in accordance with federal credit union bylaws. The penalty is calculated as a forfeiture
of part or all of the dividends. Withdrawals within six days of opening a certificate will
be assessed a penalty of seven days dividends which may invade principal. The penalty
applies to the amount withdrawn each time a withdrawal is made, and is based on the
dividend rate in effect at the time of the withdrawal. The penalty will equal 90 days of
dividends for accounts with terms of 12 months or less, and 180 days of dividends for
account with terms greater than 12 months


https://www.depositaccounts.com/comm...waive-ewp.html
I just wanted to post that thanks to RALI's info and links, I successfully closed out the GTE Add On CD, without incurring any EWP, using the described process, over the course of the last 24 hours. My Early Withdrawal language was the same as that posted above. Woo Hoo.
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Old 02-28-2023, 12:50 PM   #362
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I finally scored a 5.0% 18-month noncallable brokered CD with Vanguard. The bank is Synovus.
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Old 02-28-2023, 07:27 PM   #363
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Quote:
Originally Posted by RetiredAndLovingIt View Post
I'm posting this for anyone that's locked into the add-on CD's that GTE Financial offered back in 2019 but it probably applies to most of their CD's opened prior to this year. If interested check your CD disclosure.

Their has been many threads over on depositaccounts.com regarding EWP policy and a poster SouthernGirl explains how to do it with zero EWP and it worked for me.

https://www.depositaccounts.com/comm...l-penalty.html

This is the post that explains it all and I followed it to the letter and it worked for me via their chat feature with no hassle whatsoever. I pulled out 100K the first time a few weeks ago and then chatted with them again yesterday and closed the CD out entirely.
IGR,
Have you received the dividends monthly? If not, withdraw the dividends that have been posted. It is so simple to have GTE to mail a check for dividends. Confirm that the principal balance is your original amount that you opened it for originally. After the dividends have been paid to you, there will be no dividends to take a 180-day dividend penalty. There should be no loss of principal. Confirm that the closing amount is equal to the principal and plus interest that is accrued and close the CD. According to GTE Truth and Savings disclosure, there is a 180-day dividend penalty. It does not disclose a principal penalty or a principal loss. Do not argue. On day one, just ask for the dividend withdrawal. On day two, just ask for the closing amount. If you agree, then close the CD.


GTE is aware of this loophole and have since changed their disclosure this year for any new CD's. They are also now allowing you to upgrade to their current specials, originally it was only new money when I inquired last month which is why I closed the entire CD and was lucky enough to move it all to a 6% CD elsewhere.
I caught this too by accident when I needed money for an all cash real estate purchase about 2 months ago. GTE is one of several CUs that allow interest from the start of the certificate to be withdrawn EWP so I withdrew all the earned interest. I then asked what was the EWP to withdraw 90K of the principal and was shocked to be told that it was ZERO. I asked, are you sure and was told yes! As they say "in for a penny, in for a pound" I then asked to withdraw the full principal balance at a ZERO EWP. I also did the same withdrawl pattern with my wife's certificate. That saved us a good $9K in potential EWP.
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Old 03-01-2023, 12:59 PM   #364
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Do we think there will be more 5+% Brokered CDs after March 23rd.? I am looking for 3 Years minimum to create a ladder down to 1year. I know there are 5% for 1y - 18 months, but not too many above that.
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Old 03-01-2023, 01:24 PM   #365
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Do we think there will be more 5+% Brokered CDs after March 23rd.? I am looking for 3 Years minimum to create a ladder down to 1year. I know there are 5% for 1y - 18 months, but not too many above that.
Easy answer. Yes.
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Old 03-01-2023, 06:00 PM   #366
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5.2% 18 mo, non callable CD's available at Schwab today
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Old 03-02-2023, 06:21 AM   #367
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2 year non-callable, YTM 5.116% ID# 90355GCC8
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Old 03-02-2023, 10:01 AM   #368
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Just put an order in for an 18-month, non-callable Schwab Bank 5.2%.
CUSIP is DSN315174 at Fidelity. Also appears to be available at Ameritrade, CUSIP 15987UAT5, and at Schwab itself w/same CUSIP 15987UAT5.
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Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here
Old 03-02-2023, 10:15 AM   #369
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Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

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Originally Posted by copyright1997reloaded View Post
Just put an order in for an 18-month, non-callable Schwab Bank 5.2%.
CUSIP is DSN315174 at Fidelity. Also appears to be available at Ameritrade, CUSIP 15987UAT5, and at Schwab itself w/same CUSIP 15987UAT5.

Yes, I just bought some of that myself from a T-bill that matured. It pays semiannually.
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Old 03-02-2023, 10:17 AM   #370
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Today, I did a short play on ALL/PRG aka ALL+G. This is an Allstate preferred stock series that was recently called. On Apr 17 it will pay the $25 stated value and a 35c quarterly dividend... so $25.35. I bought some at the opening today for $20.15 and some later at $20.16. The XIRR for the $20.15 lots is 6.79% and the XIRR for the $20.16 lots is 6.44%, so a better return then MM albeit with negligibly higher risk.
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Old 03-02-2023, 11:45 AM   #371
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Originally Posted by pb4uski View Post
Today, I did a short play on ALL/PRG aka ALL+G. This is an Allstate preferred stock series that was recently called. On Apr 17 it will pay the $25 stated value and a 35c quarterly dividend... so $25.35. I bought some at the opening today for $20.15 and some later at $20.16. The XIRR for the $20.15 lots is 6.79% and the XIRR for the $20.16 lots is 6.44%, so a better return then MM albeit with negligibly higher risk.
You bought for 20.15 and it will pay 25.35 in a month and a half?

25%+?

Looks like purchase prices off.
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Old 03-02-2023, 12:40 PM   #372
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Sorry, I mistyped. The purchase prices were $25.15 and $25.16 and the call price and accrued interest in 44 days is $25.35.
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Old 03-02-2023, 03:14 PM   #373
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Apparently Schwab had either 12 or 18mo CD's available earlier today at 5.3% but they have already sold out and no longer show up on their list. Still plenty of 5.1 to 5.2's available for those terms though. My guess is we will be seeing up to 5.5% non callable CD's for 1 and 2yr terms later this month readily available.
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Old 03-02-2023, 03:17 PM   #374
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Praying for that Car-guy. I have about $200k in CDs maturing at the end of March, early April. I've been playing that game and I hope it is worthwhile.
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Old 03-02-2023, 03:21 PM   #375
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Me too... I have a bunch maturing later this month and more in April...
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Old 03-02-2023, 03:22 PM   #376
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Me too! But dry powder in Schwab MM.
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Old 03-02-2023, 03:26 PM   #377
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^^^^

That's where I've been parking my cash as CD's mature. And that ain't bad. Yes inflation is high but finally we getting something to minimize that hit.
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Old 03-02-2023, 05:59 PM   #378
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Quote:
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^^^^

That's where I've been parking my cash as CD's mature. And that ain't bad. Yes inflation is high but finally we getting something to minimize that hit.
Same here but at Fidelity.
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Old 03-03-2023, 05:44 AM   #379
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Hi all!

I'm trying to decide between Fidelity vs Vanguard for a rollover of a 401K into an IRA. I plan to gradually turn some of that $ into CD's and possibly into t-bills and bonds. I want to park some of the $ in a MM fund inside the new IRA in the interim. I've never purchased any of these items within an IRA so I'm not familiar with the process.

We already have a Vanguard IRA so rolling it into that would make it easier to do some rebalancing. At the same time, I've heard really good things about Fidelity for brokered CDs and bonds, and Fidelity is also the current custodian for our 401K, so I assume that would make the rollover even easier.

Which custodian would you recommend, or are they equivalent in their offerings/ease of use?

Thanks much!
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Old 03-03-2023, 06:43 AM   #380
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